According to the Halifax’s data, an annual growth rate of 1.8% – down from 2.2% in January – is the lowest since March 2013. As recently as February 2017 the figure was 5.1%. The Halifax put the average cost of a UK home at £224,353.

Russell Galley, the bank’s managing director, said he believed that low mortgage rates, combined with an ongoing shortage of properties for sale, “should continue to support house prices over the coming months”.